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Knowledgebase: Invoices
Getting paid - before you start
Posted by Aleks Mladenovic on 12 December 2007 02:36 PM

There are precautions you can take to help reduce the age old problem of bad debt and late payment.   

 

Before starting out in any business venture write a "business plan".  This should include a contingency for bad debt.  The first thing you must understand about your business is the accounting side of things; invoices, statements, reminders and credit control.  Do go out of your way to really understand this side of your business.   

 

You are company (regardless of whether it is just you and your van or you have warehousing facilities and a fleet of vehicle), that will generally provide a B2B (business to business) service.  Therefore, do not fall into the trap of believing the company you are doing a job for is your employer - WRONG, they are your CUSTOMER, so treat them as such.  Remember, that they are likely to trade like any other business and will expect invoices, Purchase Orders, References etc in order to pay you.

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